Binance responds to ACT crash: 4 users sold ACT tokens worth over $1 million for a short period of time, and some users closed their contracts during the decline, causing other tokens to fall

According to BlockBeats, on April 2nd, Binance responded to yesterday's ACT and other Meme coin crash events by stating, "After preliminary investigation, we have found that some small market value tokens have experienced a series of consecutive declines, including three VIP users cross selling tokens worth approximately 514000 USDT in the spot market in a short period of time, and one non VIP user transferring large ACT from other platforms and selling tokens worth 540000 USDT in the spot market in a short period of time. When the price drops, some users close their futures contracts, leading to a decline in other tokens. At present, no single account with large profits has been found. As the token has already been fully circulated in the secondary market, the platform cannot intervene in any selling behavior of users. We will also continue to investigate this incident, and if there are any updates, Binance will further synchronize the relevant details. Binance regularly adjusts its leverage ratio based on the liquidity, market sentiment, and trading volume of all traded currencies. To prevent potential fluctuations and risks in advance, we have taken proactive measures to reduce leverage ratios. Binance contract has recently released consecutive adjustment announcements for ACTUSDT perpetual contract, during which there has been no market movement and no active reduction of any user's position. Market makers are an important part of the industry ecosystem, and Binance also provides a complete market maker plan to incentivize more market makers to join Binance and improve market liquidity. Recently, there has been significant market volatility. In order to ensure the safety of users' assets and reduce trading risks, Binance will make timely leverage adjustments based on market conditions to avoid systemic risks in the entire trading market. Binance also reminds all users to take appropriate risk management measures